As the San Francisco-based lender petitions the Federal Reserve to increase its dividend payout above current levels, Wells Fargo investors are likely appreciative of the bank's near $4 billion in total 2012 stock buybacks, which came, on average, roughly 8% below current stock trading levels.

Still, investors might want to see more by way of buybacks. Overall, Wells Fargo's share count didn't budge much in 2012 and buybacks basically offset share issuance for stock compensation. " Over the long term we like to do better than what we did this year," said CFO Tim Sloan.

Using crude math and Wells Fargo's mean book value per share value of $26.56 reported through 2012, those buybacks came at an average price of roughly 121% of the firm's reported book value.

Buffett, an over 13% shareholder in Wells Fargo, may have been taking notes.

In December, the 'Oracle of Omaha' turned heads when Berkshire Hathaway authorized a $1.2 billion buyback at a price of 120% of book value, a higher premium than the 110% mark the financial conglomerate outlined as its threshold at the outset of 2012.

Wells Fargo's Wall Street brethren, most notably JPMorgan, have shown less aptitude in the buyback trade, and actual trading losses have made authorizations less predictable.

After a big 2011 buyback program, JPMorgan CEO Jamie Dimon was left apologizing to shareholders for a double digit loss on some of those repurchases. Meanwhile, a trading loss that exceeded $6 billion in 2012 forced Dimon to retreat from a $15 billion authorization for the year. In the third quarter, JPMorgan reinstated a multi-billion dollar buyback plan

Wells Fargo and Berkshire Hathaway shareholders may not need to fear a similar buyback outcome as JPMorgan. Increasing price to book value buyback authorizations may simply reflect a recovering stock market and improving investor sentiment.